Ukrainian deputy minister praises crypto and explains why an airdrop was cancelled

While the Ukrainian people continue to bear the brunt of Russia’s invasion, support has come from all corners of the globe, even in the form of cryptocurrency contributions. Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, lauded the role that cryptocurrencies played in assisting his nation.

Mr. Bornyakov spoke about bitcoin contributions and other cryptocurrency-related subjects at a March 7 Yahoo Finance Live session.

Emphasizing the critical need of rapid reaction in such situations, he contended that conventional banking institutions were incapable of providing the necessary money for military and humanitarian help.

Bornyakov said that cryptocurrency offers the necessary flexibility to expeditiously supply the essential materials. On the ground, the ministry worked with a commercial exchange and established infrastructure that links the Defense Ministry, financial systems, and logistics firms.

He also remarked on the Ukrainian government’s unsuccessful airdrop intended to thank crypto contributors. Mr. Bornyakov said the following:

“There were a number of folks who gave a very modest sum just to be recognised. However, I believe that this is not the moment to benefit from the airdrop, and hence we chose to deny it.”

Additionally, the Deputy Minister of Digital Transformation emphasised the technological obstacles inherent in completing such a massive undertaking, which make it “nearly impossible.” He did not, however, rule out the prospect of conducting an airdrop in the future.

Others on the cryptographic role

Additionally, Mr. Bornyakov discussed cryptocurrency during a live Twitter debate. He was joined by Vitalik Buterin, the inventor of Ethereum (ETH), and Nadya Tolokonnikova, a member of the Russian band Pussy Riot, which is well-known for openly resisting Putin’s regime.

They both lauded blockchain technology and cryptocurrencies, with Ms. Tolokonnikova stating her conviction that:

“Crypto may be a very effective tool for activism and political change, as well as for the more efficient generation and distribution of public goods. Cryptocurrency’s efficacy is very wild, based on what we’ve observed, and it’s entirely transparent.”

Bornyakov also said on his Twitter page that his ministry was working on a legislative framework that would make it easier for cryptocurrency firms to operate in Ukraine.

Notably, Ukraine’s government has received tens of millions of dollars in bitcoin contributions from all around the globe, exceeding $50 million as of March 2.

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